Question 21 0.7 pts Which of the following statements characterizes government transfer payment spending in the United States between 1960 and 2015? Transfer payment spending by the federal government and by state and local governments has decreased as a percentage of GDP. Transfer payment spending by the federal government and by state and local governments has more than tripled as a percentage of GDP. Transfer payment spending by the federal government and by state and local governments has remained constant as a percentage of GDP. Transfer payment spending by the federal government and by state and local governments has uctuated widely over this period. D Question 24 0.7 pts A contractionary scal policy will reduce a government budget deficit or increase a government budget surplus and lower the quantity of bonds the government must sell. True False I Question 29 0.7 pts The smaller the marginal propensity to consume, the greater of the multiplier. the lower the value of the multiplier. the greater the initial change in real GDP. 0 the greater the initial change in aggregate expenditures